調査・研究

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日本の国債市場改革

  • Chart1:General Government Financial Balances. The Japan's deficit is larger than other counries.
  • Chart2:General Government Gross Financial Liabilities. The Japan's liabilities is larger than other counries.
  • Chart3:Divergence from Fitted Yield Curve. The divergence is going down.
  • Chart4:Comparison of bid-ask spread. Japan is larger than other countries.
  • Chart5:Turnover Ratios. The ratio of U.S. is higher than other countries.
  • Chart6: Holding Pattern of Government Securities. Japan: 3.1 trillion US dollars. Government 44% (including Postal savings 23%), Central bank 11%, Financial institutions 34%, Non-financial 2%, Individuals 2%, Non-residents 6%. U.S.: 3.7 trillion US dollars. Government 7%, Central bank 12%, Financial institutions 36%, Non-financial 1%, Individuals 9%, Non-residents 35%. Germany: 1.6 trillion US dollars. Government 2%, Central bank 0%, Financial institutions 52%, Non-financial 5%, Individuals 10%, Non-residents 31%.
  • Chart7: Comparison Ratio by Original Maturity.